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Is usury illegal? Can I borrow money from usury without paying it back

Usury is a kind of loan with high interest rate. Many people can't repay the loan after they borrow the usury. Later, they will be forced to pay. Is it illegal to loan the usury? Can the money borrowed from the usury not be paid back?

Is usury illegal?

Whether usury is illegal or not and whether it is protected by law has a lot to do with the amount of usury interest.

According to Article 26 of the provisions of the Supreme People's Court on Several Issues concerning the application of law in the trial of private lending cases, if the interest rate agreed by both parties does not exceed 24% of the annual interest rate, and the lender requests the borrower to pay the interest according to the agreed interest rate, the people's court shall support it. The interest rate agreed by both parties exceeds 36% of the annual interest rate, and the interest agreement for the excess part is invalid. If the borrower requests the lender to return the interest that has been paid in excess of 36% of the annual interest rate, the people's court shall support it.

What will happen after the usury alarm?

Usury belongs to civil disputes, not to the scope of public security organs. Therefore, even if the police choose to call the police, they may be rejected by the police on the ground that they are not in the scope of business. However, if there is an illegal act that threatens the personal and property safety in the process of demanding usury, it belongs to the scope of public security organs, and should be reported to the police in time.

Generally speaking, usury is illegal, but it does not constitute a criminal offence. Therefore, after reporting to the police, the police can not exempt the debtor from debt. However, according to the law, the debtor can apply to the local court for exemption of the debt exceeding the annual interest rate.